An Accountant Is Asked to Issue a Review Report on the Balance

question 358

Multiple Choice

An accountant is asked to issue a review report on the balance sheet, but not on other related statements. The scope of the inquiry and analytical procedures has not been restricted, but the client failed to provide a representation letter. Which of the following should the accountant issue under these circumstances?

• A) Review report with a qualification.
• B) Review report with a disclaimer.
• C) Review report and footnote exceptions.
• D) Compilation report with the client's consent.

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Definitions:

Opportunity Cost

The burden of not opting for the immediate subsequent best possibility when making a selection.

Slope

A measure of the steepness or incline of a line, often calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Corn

A staple grain widely cultivated for food, animal feed, and as a raw material in industry.

Rice

A staple grain consumed worldwide, known for its versatility in numerous culinary traditions and its importance in feeding a significant portion of the global population.